Can Waves Price (WAVES) Gather Buyers Strength & Zoom Upward?

• 1 The WAVES price is gathering more bullish momentum.
• 2 WAVES could break the barrier and advance to new heights from the current price.

Waves offers everything needed to support the backend of Web 3.0 services. Its technology meets the demands of developers and companies that want to use the features of blockchain systems, such as their security, auditability, verifiability, and the trustless execution of transactions and business logic.

The WAVES/BTC current market price (CMP) is $0.00005604 with an intraday gain of 1.71% and WAVES/USD has a CMP price of $2.0899 with an intraday gain of 4.22%.

Insights From Social Volume

The following chart of Waves covers the period from July 2023 to November 23, 2023. It shows a sharp surge in WAVES social volume at the time of publishing.

The social volume chart reflects how much it is talked about, valued, and sought after by the crypto community of the world.

The Santiment website chart also shows that the social volume of Waves has been positive for the last five months. The price was stable during this period. The assets showed price performance from october month. However, a further surge in social volume could enhance the price, as more people’s interest would rise in buying and holding it.

Source: By Santiment.com

What WAVES/USD And WAVES/BTC Pairs Have in Mind?

Source: WAVES/USD.1.D. BITFINEX by TradingView

The WAVES prices in both the pairs are struggling to stay near the trendline resistance, which is a big obstacle for the WAVES. The crypto price needs more buyers to overcome this challenge, otherwise, the WAVES prices will continue to decline.

The chart on a daily time frame reveals that the price of the WAVES/USD pair rose by 59.42% since the start of the year and 35.80% in three months. The WAVES price is trading in a tight range, and it requires a huge spike to break out of it.

The WAVES/USD could start a remarkable rally if it crosses the $2.40 level, which is close to the resistance trendline. It could mark new highs in the future. On the other hand, if it fails and drops, then it could fall to $1.40.

Source: WAVES/BTC.1.D. BITFINEX by TradingView

Moreover, the WAVES/BTC pair has performed poorly than the WAVES/USD pair, with a 29.32% drop since the beginning of the year on a daily chart and a 4.81% fall in the last three months.

The price of WAVES/BTC has been moving in a narrow range with lower highs and lows, making a parallel channel. The price is currently facing a strong resistance at $0.00006600, which is near the resistance trendline. If the WAVES/BTC price can break this level, it could trigger a huge rally and reach new highs in the future.

The WAVES/BTC seems to be gaining traction. It could give it more power and help it break the barrier and rise to new heights. However, if the WAVES/BTC price fails to break the barrier and falls below, it could drop to $0.00004800.

WAVES/USD is currently trading above the major exponential moving averages, which are supporting the price momentum. However, in WAVES/BTC the price shows bearish strength as it is below all 20, 50, 100, and 200-day EMAs.

If more buyers enter the market, the WAVES price pairs could rise further, by creating higher highs and new highs. Therefore, the WAVES price pairs are likely to move upwards and show a bullish outlook on the daily chart.

Summary

Waves’s social volume reflects how much it is talked about, valued, and sought after by the crypto community. The assets have been impressive since Octoberr. However, a further surge in social volume could boost the price of the WAVES.

Furthermore, the price action on chart shows, that price was squeezed into a narrowing range in both WAVES/USD and WAVES/BTC pairs. The prices of both pairs of WAVES are struggling to stay near the trendline resistance, which is a major obstacle.

Technical Levels

Support Levels: $1.40

Resistance Levels: $2.40

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.

Adarsh Singh

Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.

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